While the Commerce Department's final report on fourth quarter gross domestic product showed that the economy contracted a little faster than previously estimated, the drop in GDP was not revised down as much as economists had been expecting.

The report showed that GDP fell by a revised 6.3 percent in the fourth quarter compared to the preliminary estimate of a 6.2 percent decrease. Economists had been expecting GDP to be revised to show a somewhat steeper 6.6 percent contraction.

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